X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-CenterPoint Properties Trust, Chicago’s largest industrial developer, has sold its 1500 West Dundee, Arlington Heights, IL high-tech office conversion development, the company says. The property, which was redeveloped into high-tech office space from its former role as a manufacturing facility, was part of a recent series of dispositions totaling $54 million.

The West Dundee redevelopment, which sits on 60 acres and houses companies like Motorola and Airborne Freight, was a typical CenterPoint redevelopment play, according to the firm’s chief investment officer Paul Ahern. “Once the value has been added and the property stabilized, we redeploy the capital created into a new set of opportunities.”

CenterPoint is currently involved in two massive industrial projects in the Chicago area, the $1-billion redevelopment of the Joliet Arsenal and, in conjunction with Ford Land, the development of the a supplier park for Ford’s Torrance Avenue plant.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.